What is mgmt.

science
Management Process of decision making through scientific approach
Operations research in to make managerial decisions

How does it work

Diagnosis of problem
Modeling for solution (approximate)
Make the decisions (optimize, reduce costs, risk, increase profit)

Where does it work

Corporate
Airtraffic, transportation
Supply chain management (to keep inventories on time etc)
Military (its historical use to defend against attackers in britain )
Sport (racing F1, fuel, when to get laps pitstops refuels)
Government (
Public Health
Data Science

Models Used
Systems Thinking because of the complexity of decisions (why it is an offshoot from traditional
management)
Most important part is thinking, not the tools because higher complexity becomes detrimental
Where we get rid of our Mental Models for the righter model
1. Framing the problem in the long run (time)
2. Framing the problem w/ respect the shareholders (people)
3. What are the cycles and relationships going on? (systems)
a. Using tools such as Causal Loop diagrams
We cannot be right but less wrong

Sustainability
Long game or Big Game is emphasized because entities want Sustainability (creating more
value for all shareholders)
Goals:
1. People planet profit
2. Societal investment criteria (environment, society, (honest) government)
We now care about our wastes and unintended consequences (negative externalities)
So we employ the Circular Economy and (creating shared value) CSR to make beneficiaries
long-term partners

Tools Used (takes psychology, probability, statistics, economics, sociology, engineering)

Visual (computer simulations) or Mathematical (linear programming, probabilty)
Mix (excel, python, data science)
 1. Decision trees (seeing other scenarios and finding the best outcome given the
probabilities of each element
2. Analytic hierarchy process (both human factor and mathematical)
3. Game theory (making decisions based on other players in the game)
4. Basic cost accounting

Selling yourself to the employer:

1. I can handle large-scale operations, especially complex ones
2. I can communicate these complex models to others
3. I can be involved in a variety of fields because
4. We have strong on background on mathematical, computer, economic theories and
frameworks all geared to making good decisions
5. Through rigor and richness of the ME program, we are exposed to banking, marketing,
and being all around person who can handle rigor and can adapt quickly
6. IN a nutshell, We can innovate processes and tackle unstructured problems to make
real-life solutions for real life problems for everyon

Definition
Process
Applications
Models used
Goal right now
Tools used